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Exchange Your Nokia 3310 For A Duplex In Lagos

A currency you can’t see or touch is as at this time of writing,
605 to the US Dollars. Now that’s quite something. I mean, it’s not even
regulated by any central bank or government, yet everyone agrees with
that price.

Very good question – Why do bitcoin have value?

Now, in any business dealings, value is what is being exchanged.
It’s not the colored paper or the rectangle plastic card you have in
your hands. Many things can serve as a medium of exchange, so far as it
has value to the receiver. You can exchange your Nokia 3310 phone for a
duplex in Lagos if the receiver values your phone as the worth for
his/her duplex. :D You also have to believe that the duplex is the worth
your 3310. If it’s not quite for you, you could be collecting change or
canceling the deal.

Anything can be exchange for anything; all depends on one’s
description of value. You’d say, even the example I gave is something
that can be seen and touched. But your understanding of a particular
topic can be used as a medium of exchange too. It can’t be seen or
touched. But when you pass it, there’s satisfaction from the receiver.

See, what really make gold have value? Why does diamond have value?
I mean, gold is just a shining metal, coincidentally also colored in
gold, found underneath the earth. Same as the transparent, colorless
stone called diamond. Why did man fought and killed over these things?
They saw value and still see value.

Bitcoin, like every other currency or medium of exchange has value
because people decided to value it, accept and trade it. People decide
value. You decide value.

So am looking forward to two things:
(1) Your own currency
(2) And someone who would love to exchange his/her duplex for my 3310. :D

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I have been trying to dig out a good & funny intro line to start
this article but none seem to be coming at this time. So I'm just gonna
straight to the point.

What is Bitcoin?
Bitcoin is a digital or virtual type of money. Digital in the sense
that, it is not printed like your Naira or Dollar. Virtual in the sense
that, it is not physically felt or produced like other commodities that
can serve as a medium of exchange, store of value and unit of account. I
believe we understand that 'money' is not limited to our fiat
currencies alone. Money can be anything. Anything that can perform the
main functions of money can be used as 'money'. As you can exchange your
1000Naira for a plate of eba and egusi soup. You can also exchange your
iPhone7 for that same plate of food if you want to. Am certain Mama
Kabiratu won't mind. It is satisfying the same desire.

Now, defining bitcoin technically, Bitcoin is a kind of money or
peer-to-peer payme…